Search
 

Republic Closes Purchase; Expands Tenant

HERNDON, VA-In back-to-back deals, Republic Property Trust closes on Dulles Park Technology Center as planned and expands Honeywell right next door.

By Erika Morphy | Updated on September 14, 2006

HERNDON, VA-Just like it said it would do, Washington, DC-based Republic Property Trust has closed on the five-story, class A Dulles Park Technology Center at 13461 Sunrise Valley Dr. Meanwhile, Republic inks an expansion with Honeywell International Inc. in an adjacent building.

The Honeywell deal adds 2,698 sf to its lease in the Campus at Dulles Technology Center at 13655 Dulles Technology Dr. Honeywell now fills 31,561 sf in the structure.

Republic announced last month that it was under contract to buy the 181,000-sf office building from Hartford, CT-based Cornerstone Real Estate Advisors for $48.3 million or $267 per rentable sf. The asset is 30% empty, which was reflected in the initial capitalization rate of 5.23% on the purchase price. Once the property is stabilized, the cap rate is projected to climb above 7%, according to Republic.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.